Fundraising Announcement#
Ondine Biomedical Inc. has announced a plan to raise approximately £5 million (C$9.23 million) through the sale of common shares priced at 12 pence each. This fundraising effort comes with a 4% discount compared to the closing market price of 12.5 pence per share on April 27.
Director Participation and Employee Involvement#
Company directors have expressed their intention to buy around 1.4 million shares, contributing approximately £0.2 million (C$0.3 million) to the total fundraising. Additionally, the company aims to secure about £0.3 million (C$0.6 million) through agreements with certain employees and U.S. investors.
Use of Funds#
The funds raised will be directed towards preparing a New Drug Application (NDA). This includes completing the Phase 3 clinical study report, producing commercial-scale batches that meet Good Manufacturing Practice (GMP) standards, conducting stability studies, and engaging with the U.S. Food and Drug Administration (FDA). Ondine anticipates holding a Pre-NDA meeting in early Q4 2026.
Clinical Study and Financial Performance#
Ondine recently completed patient enrollment in its LANTERN Phase 3 study, involving 5,188 patients across 18 hospital sites in the U.S. and Canada. The company expects to release top-line results in Spring 2026. Furthermore, Ondine reported a 29% increase in revenue for 2025 on an unaudited basis, attributed to new hospital deployments and increased usage in existing accounts. The new shares are expected to begin trading on May 5, with full-year results for 2025 anticipated in early June 2026.